Not sure how many people outside of the legal field are aware of the extreme effect this recession-economic meltdown-or whatever the President is going to call it tonight-has had on lawyers. I talked to two lawyer friends today…one had 30 layoffs at her firm last week…and it’s not a big firm. The other friend found out that two friends were laid off yesterday and she already has a pretty healthy list of laid off lawyer friends. As someone who had a brief fling with a legal career (and over $100K in loans that I’ll spend the next 30 years paying off), I think it speaks tomes that I have more confidence that I’ll find a job before some of these lawyers will. Is it my lower standards? Lack of direction? Willingness to do about anything for a buck at this point? Perhaps…But it’s also that the market is flooded with attorneys looking for work right now. While the economic death spiral has effected all practice areas, in some cases, law firm layoffs have wiped out entire practice groups in one afternoon.
When I was in law school, everyone told us to become Real Estate attorneys. Everyone assured us that if we concentrated on getting as many real estate classes in and did all the real estate clinics, we’d be set for life and would have no trouble paying back our loans. Real Estate was always going to be busy-no matter what the economy was doing! Now Real Estate attorneys are one of the hardest hit practice groups. It’s important to remember that not everyone who graduates from law school goes on to make six figures…and that almost everyone who goes to law school graduates with a pretty signficant-mortgage sized amount of debt.
This article does a great job capturing-with humor and intelligence-what’s happening to so many attorneys right now… It’s an excellent post and I recommend it for anyone who is an attorney or knows any…so that should cover just about everyone!